New Enlightenment

In this conversation, Adam Dixon and Professor Darius Wojcik explore the field of financial geography, its distinctions from economic geography, and the importance of mixed methods in understanding financial systems. They discuss the Atlas of Finance, a comprehensive project that visualises financial data and relationships, emphasising the role of qualitative research in uncovering insights that quantitative data alone may miss. The conversation also delves into the definition of finance, its historical context, and the significance of visualisation in presenting financial information. In this conversation, Dariusz Wójcik and Adam Dixon explore the intricate relationships between finance, economics, and the environment, emphasising the historical context of these concepts. They discuss the distinction between economic and financial systems, the implications of socialist economies, and the role of Adam Smith as a financial geographer. The conversation also delves into the surprises encountered in the creation of the Atlas of Finance and the geopolitical tensions shaping the future of finance. Takeaways Financial geography examines the relationship between finance and space. Visualisation helps tell stories about financial data. Africa is currently the epicentre of financial crises. Finance is defined as relationships mediated by money. Understanding finance requires a broader definition than just money. The Atlas aims to educate and inform about financial systems. Everything financial is economic, but not vice versa. Financial sanctions have become the sanctions of choice in modern geopolitics. The US dollar remains a dominant force in global finance. The Atlas of Finance provides a historical perspective on finance's evolution. Adam Smith's Panmure House: ⁠Website⁠ Adam Dixon: ⁠On X⁠ ⁠On LinkedIn Dariusz Wójcik: On X On LinkedIn

In this conversation, Jean-Baptiste Wautier, veteran private equity leader, joins host Adam Dixon to discuss the complexities of capitalism, discussing its benefits, challenges, and the pressing need for reinvention. They explore the issues of inequality, environmental concerns, and the cyclical nature of economic booms and busts. Wautier emphasises the importance of shifting the focus from short-term profit to long-term purpose, advocating for a capitalism that prioritises societal solutions and minimises negative externalities. The discussion highlights the potential for a more sustainable and equitable economic model that addresses the root causes of current challenges. The dialogue emphasises the need for a shift in mindset where profit is seen as a by-product of solving societal problems rather than the primary goal. Takeaways Capitalism has created wealth but also significant inequalities. Reinventing capitalism is essential rather than discarding it. Concentration of wealth leads to inefficiency and political discontent. The boom-and-bust cycle of capitalism affects generations unfairly. Short-term profit obsession hinders long-term solutions. A focus on purpose can lead to better outcomes in capitalism. Stakeholder consideration is crucial for sustainable business practices. A reimagined capitalism can address societal challenges effectively. Corporate boardrooms prioritise profit over purpose. Venture philanthropy can align financial returns with social impact. Long-term thinking is essential for sustainable investments. Investors need to be incentivised to consider externalities. Purpose-driven companies can still be profitable. Scaling purpose-driven ventures requires a focus on impact. Adam Smith's Panmure House: ⁠Website⁠ Adam Dixon: ⁠On X⁠ ⁠On LinkedIn Jean-Baptiste Wautier: On LinkedIn On X https://wautier.co.uk/

In this episode, Adam Dixon and Aniket Shah discuss the implications of Donald Trump's presidency on climate change and energy policy, China's lead in the green technology sector, and the current thinking on ESG investing. They explore the complexities of global emissions, the potential for breakthroughs in energy technology, and the need for adaptation strategies in a warming world. They also explore the financial implications of climate change solutions, emphasizing that the costs associated with addressing climate change are manageable when viewed in the context of global GDP and energy spending. The conversation also critiques the ESG (Environmental, Social, and Governance) framework, addressing the confusion within the ESG community regarding its purpose and effectiveness. Ultimately, they advocate for a clear understanding of the system and the roles different stakeholders play in driving sustainable finance and climate action. Takeaways America is a fossil fuel superpower, impacting its energy transition. Trump's presidency may not drastically hinder decarbonisation efforts. State-level initiatives in renewable energy are gaining momentum. China is leading the global race in green technology. The US's role in global emissions is only 10-12%. Investment in low carbon technologies is increasing globally. The missing middle in climate tech funding is a significant challenge. Adaptation and carbon removal must be prioritised in climate strategies. A mixed economy approach may emerge under Trump's leadership. Solving climate change can be financially feasible. Investment in low carbon energy is already happening. Adaptation should be viewed as infrastructure investment. Demand-side solutions are crucial for climate action. ESG is confused about its purpose and effectiveness. Clear analysis leads to better investment decisions. Historical emissions create ethical obligations for high emitters. Adam Smith's Panmure House: ⁠Website⁠ Adam Dixon: ⁠On X⁠ ⁠On LinkedIn Aniket Shah: On LinkedIn Jefferies

In this conversation, Adam Dixon and Samuel Gregg delve into the life and influence of Friedrich Hayek, a pivotal figure in classical liberal thought. They explore Hayek's multifaceted approach to economics and politics, his critiques of collectivism, and the contemporary misinterpretations of his ideas as far-right. The discussion also touches on Hayek's vision for a balanced state that plays a crucial role in society while allowing markets to function effectively. They delve into the resurgence of neo-mercantilism, and the implications of industrial policy in the context of national security. The discussion highlights the complexities of modern economic arrangements and the challenges posed by state capitalism and corporatism. Takeaways Hayek is considered the most influential classical liberal of the 20th century. His work is often mischaracterised as anti-democratic or far-right. Economic globalisation has led to both wealth and disruption. Hayek was critical of economic nationalism and populism. He emphasised the importance of civil society alongside market and state functions. Hayek's critiques of collectivism stem from historical perspectives on enlightenment thought. His ideas remain relevant in discussions about modern economic policy. The labelling of thinkers like Hayek as far-right is often a misunderstanding of their broader views. Hayek's views are often misrepresented as solely market driven. Today's global economy reflects a resurgence of mercantilism. China exemplifies a neo-mercantilist approach to capitalism. National security concerns can blur the lines of acceptable industrial policy. Hayek emphasised the importance of long-term economic thinking. Adam Smith's Panmure House: ⁠⁠Website⁠⁠ Adam Dixon: ⁠⁠On X⁠⁠ ⁠⁠On LinkedIn⁠ Samuel Gregg: ⁠On X ⁠ ⁠On LinkedIn ⁠⁠https://aier.org/author/samuel-gregg/

In this conversation, Adam Dixon and Kerry Brown explore the intricate historical relationship between Britain and China, spanning over 400 years. They discuss the importance of understanding this history in the context of contemporary geopolitics, particularly as tensions rise between the West and China. Brown emphasizes the need for a historical perspective to navigate current challenges, highlighting the evolution of Chinese nationalism and the impact of Xi Jinping's leadership. The discussion also touches on the Enlightenment's fascination with China, Britain's colonial legacy, and the complexities of modern Chinese identity and governance. Takeaways: China has a deeper understanding of the West than vice versa. The Enlightenment thinkers had a complex view of China. Britain's colonial actions had lasting impacts on China. Chinese nationalism emerged as a response to foreign influence. Xi Jinping's leadership reflects a shift in China's global stance. Dialogue between China and the West is essential for mutual understanding. The history of Britain and China is marked by both conflict and collaboration.  The future of China and the West depends on continued engagement. Adam Smith's Panmure House: ⁠Website⁠ Adam Dixon: ⁠On X⁠ ⁠On LinkedIn Kerry Brown: On X On LinkedIn https://www.kcl.ac.uk/people/kerry-brown https://yalebooks.co.uk/book/9780300272925/the-great-reversal/

In this episode we are joined by Ryan Streeter, the Executive Director of the Civitas Institute at the University of Texas at Austin. The conversation explores the emergence of new schools of civic leadership in response to perceived ideological monocultures on university campuses, the importance of open inquiry and critical thinking in education, and the challenges of fostering economic dynamism in both the U.S. and the UK. Adam Smith's Panmure House: ⁠Website⁠ Adam Dixon: ⁠On X⁠ ⁠On LinkedIn Ryan Streeter: Civitas Institute LinkedIn University of Texas School of Civic Leadership

This conversation with Niall Ferguson unpacks the state of Western universities today. Our conversation begins with a discussion on the importance of the Scottish Enlightenment in shaping the modern world. We then discuss the growing illiberalism at Western university, considering the reasons behind the upstart University of Austin. Adam Smith's Panmure House: ⁠⁠Website⁠⁠ Adam Dixon: ⁠⁠On X⁠⁠ ⁠⁠On LinkedIn⁠ Niall Ferguson: ⁠On X

In this episode, we are joined by Matthias Thiemann to discuss the need for a real debate on the role of central banks in keeping capitalism and financial markets afloat. The episode focuses on central bank actions in the wake of the 2008 financial crisis and recently during the COVID pandemic. We explore the debates around allowing central banks to regulate and monitor financial market actors, noting specifically the actions of the Trump Administration to prevent this. Takeaways The independence of central banks is seen as a way to prevent political interference, but it also raises concerns about accountability and the potential for inequality. Quantitative easing programmes implemented by central banks have contributed to wealth inequality. There is a need for a real debate on the role of central banks in maintaining financial stability and the potential consequences of their actions. Market liberals often advocate for minimal regulation but some are quick to seek bailouts when the system collapses. The influence of hedge fund managers and their opposition to regulation is a significant factor in the politics of financial regulation. The high leverage of hedge funds and their fragility pose a systemic risk to the financial system. Adam Smith's Panmure House: ⁠Website⁠ Adam Dixon: ⁠On X⁠ ⁠On LinkedIn Matthias Thiemann: Sciences Po On X On LinkedIn Taming the Cycles of Finance

Tina Fordham, a leading independent strategist and advisor and founder of Fordham Global Insight, discusses the changing landscape of geopolitics and its impact on the global economy. She highlights the need for a holistic approach to understanding geopolitical risks and challenges the effectiveness of AI and machine learning in predicting human behaviour. Fordham also shares her insights on the upcoming US elections and emphasises the importance of considering historical context and avoiding projection when analysing political events. The conversation explores the upcoming US election and its implications for the post-World War II liberal order, the Democratic National Convention, and the future of the transatlantic relationship. It also touches on the unpredictability of the election outcome, and the impact of geopolitical tensions. The conversation concludes with a discussion on the potential consequences if Iran acts militarily against Israel. Takeaways Geopolitical analysis requires a holistic approach that combines data analysis with historical context and an understanding of human behaviour. AI and machine learning have limitations in predicting geopolitical risks due to the complexity of human behaviour. The global economy has experienced significant changes in the past 15 years, and the idea of returning to a 'normal' state is unrealistic. Perceptions of geopolitical events often lag behind the reality, and there is a need for better education on recent history and current global trends. The upcoming US elections are unpredictable, and it is important to consider multiple factors and avoid projecting personal biases. The US election will have significant implications for the post-World War II liberal order and the future of the transatlantic relationship. The Democratic National Convention is focused on party cohesion and introducing Kamala Harris as Joe Biden's running mate. The outcome of the election remains uncertain, and there may be more surprises to come. Geopolitical tensions, such as those in the Middle East, could impact the election and global stability. Iran's actions in the Middle East could have fundamental destabilising effects. Adam Smith's Panmure House Adam Dixon Fordham Global Tina Fordham

In this episode, we sit down with influential Oxford University management scholar Colin Mayer to discuss the purpose business and his new book 'Capitalism and Crises'. The discussion explores the need to rethink the purpose of corporations. The current focus on profit is flawed. Mayer proposes that the purpose of business should be to produce profitable solutions for the problems of people and the planet, without profiting from creating harm. He acknowledges the benefits of capitalism but also recognises the increasing threats and crises it is causing. Mayer suggests that by aligning business goals with solving societal and environmental problems, we can achieve greater growth and prosperity while avoiding the problems we currently face. Takeaways The purpose of business should be to produce profitable solutions for the problems of people and the planet. Businesses should not profit from creating problems for others. Capitalism has brought immense prosperity but is also causing increasing threats and crises. Aligning business goals with solving societal and environmental problems can lead to greater growth and prosperity while avoiding current problems. Embedding the purpose of companies in their intrinsic formulation is crucial. Litigation would focus on the governance and values of companies, not specific harms. The concept of corporate purpose can be diffused across different political economies. Technology will play a significant role in holding businesses accountable. Adam Smith's Panmure House: Website Adam Dixon: On X  Colin Mayer Capitalism and Crises